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Customer Reviews (13)

Interesting, well researched and informative
A departure from other Friedman books this is truly a historical walk down 100 years. Not too much commentary about whether Friedman agrees/disagrees with monetary policy but it's so well researched you can't help but get caught up in the historical significance of monetary policy.. and boy does history ever repeat itself. Not for the faint at heart, this book is for the serious economic student.

Revolutionary, albeit flawed, Monetary Analysis
"A Monetary History of the United States, 1867-1960" by Milton Friedman and Anna Schwartz is an epic in economic literature.The authors concisely analyze nearly 100 years of monetary history and prove why monetary economics matter.Their work, originally published in 1963, offers immaculate insight into endogenous and exogenous economic variables that shaped US history.

When reviewing a classic text it is important to test it on two criteria: 1) it's ingenuity; and, 2) it's validity.In regards to ingenuity "Monetary History" paved the way towards a statistically grounded analysis of macroeconomics (in this case monetary theory).While "Monetary History" was groundbreaking it's truly memorable aspect is Ch7's "The Great Contraction".This chapter, which is now known as the money hypothesis, revolutionized the way economists thought about the Great

Deprhttp://www.amazon.com/review/R1C118WNLAM4I/ref=cm_cr_pr_cmt?ie=UTF8&ASIN=0691137943&nodeID=#wasThisHelpfulession.Ultimately, this analysis proved to be incorrect.

Why the work remains a classic, even though flawed, is because the sheer difficulty in producing such a feat.Friedman and Schwartz managed to put together a comprehensive 100 year monetary history in (a short) 700 pages.The amount of research required to take on such a project is hard to grasp.The footnotesin the "Monetary History" give a small glimpse into how much work was required to create this book.They alone are the size of a mid-sized economic text.Throughout the text the authors synthesis a wide range of evidence, often being forced to recalculate the statistics given to them, and somehow come out with a fairly consistent history.

The work is so encompassing it is impossible in an Amazon book review to point out all of the prescient ideas presented in a "Monetary History".Here is a short list off the top of my head: 1) money matters in the short-run; 2) active gov't policy can prevent bank panics if correctly implemented; 3) Consistent misperception regarding economics have OFTEN created bad policy (both in the private and public sphere);4) the gold standard was never good (and we never had anything near an ACTUAL gold standard);5) An excellent review of business cycle contractions between 1844-1960; 6)Everything you wanted to know about the composition of banking mechanisms from 1867-1960.There are many, many more...

Friedman's "Monetary History" analysis does occasionally feel awkward (this tends to happen when his quantitative analysis does not account for history and he is forced to make qualitative assumptions).1) The entire Great Contraction rested on the qualitative factor of not having a 'Great Man' running the Federal Reserve; 2) Deflation existed side by side with rapid economic expansion in the 1880's, which Friedman finds interesting, but no attempt is made to ascertain whether monetary issues had any recessionary effects on potential growth; 3) The entire 48-60' analysis exerts a strong ideological stance that did not seem to exist in the earlier chapters.(many more minor hiccups exist and for the most part Friedman is willing to admit when he cannot reasonably prove causation).

However, two major problems exist in the "Monetary History".

1) The assumption that money does not matter in the long-run is unsupported through their analysis.Friedman and Schwartz fail to find any long lasting effectsregarding changes in the price level and money stock to changes in economic activity.This view, which is a very simple look at correlations, is essentially embracing a negation.They fail to find a connection between monetary economics and business cycles so it must not exist.Though this view has little empirical evidence it is made several times throughout the work (and in almost every case the statement seems to be completely out of place).The claim that money is 'neutral' has forever changed economics by being included in the Neoclassical Synthesis.

2) Friedman's chapter on the velocity of money is by far the weakest part of his text.After going on for ~700 pages with precise attention to quantitative analysis Friedman is forced to argue, in a mere 3 pages, that changes in velocity must be due to rational expectations (with little empirical evidence).Friedman's assumption that Velocity exhibits a secular decline with rising income is CRUCIAL when analyzing Monetarism.The Quantity Theory of Money states: Money*Velocity=Price*Output --- M*V=P*Y (this is a rearrangement of Fisher's equation -- See Michael Emmett Bradely's review for a far superior theoretical analysis of this equation).If Velocity can be considered constant then changes in M = changes in P*Y.This means all that is needed to have stable business cycles is an unchanging, or better yet a slightly increasing, money supply.HOWEVER, this flawed assumption is why Monetarism is so difficult to implement into policy. Friedman's tentative assumption in his "Monetary History" became the dogma of Monetarism.

"A Monetary History of the US, 1867-1960" is a revolutionary, albeit flawed, canon in economic literature.

study / interested in econ / political economy ? -- must read !


do not have more to say than the header ..... basically :-) (it's more of "working oneself through" than "reading over", or while doing something else at the same time but it is very much worth it and it sets the record straight on many fallacies still heard/told about the great depression)

An Eye-Opening Revelation
Myths, misconceptions, and wishful thinking pervade the study of US history. Economic history has been especially prone to revisionists who twist and distort facts, or who fabricate lies outright. This is perhaps most evident in the Great Depression, as many blame the "do nothing" policies of Herbert Hoover and champion FDR's New Deal. These individuals would be truly enlightened by Friedman's Monetary History, which sheds light on the true nature of the Great Depression. Friedman convincingly argues that both Hoover and Roosevelt prolonged the Depression with inflationary policies.A useful text for anyone interested in reason, truth, and economics.

Break from the norm.
This is perhaps the best work if you are simply looking for examples of how government intervention can cause harm instead of good. Additionally, this has been the work that pushed the recognition of monetarism into the heat of the economic mindset.

This being said, it is important to note that the theory underlying this endeavor is not an ample explanation of the Great Depression as it is conventionally used. The bottom line is that there are simply far too many exogenous and endogenous factors that operate regardless of what or what not government policy may influence. Additionally, the compilation of data and analyses from financial markets over the years shows with clarity that Friedman's general framework is a very special exception, not a rule. Read Michael Emmett Brady's review, as he seems to touch on this more.

Ultimately, the conclusion, in my opinion, is not worth the effort. Everyone long understood, if perhaps not the extent, the potential for intervention through misguided fiscal or monetary policy to cause harm. Friedman's methodology is far too ideologically tempered to continue to be taken seriously. However, the compilation of statistical data alone make this a necessary purchase for anyone serious about (ironically) economic history in the United States. It is (Edit - was) also a highly original analysis of depression economics, for those interested. Even with the truckload of ideology and faulty, sometimes absurd, assumptions taken to build a logical framework, this book is worth reading simply because of its influence on economics as a discipline. The main question is its relevance.

Conclusion - Buy this for compiled data and statistics, and to understand the thinking that has had huge effect, if not for quite a while dominated, mainstream economics. Leave the ideology at the door. ... Read more

Product Description
This is an OCR edition without illustrations or index. It may have numerous typos or missing text. However, purchasers can download a free scanned copy of the original rare book from the publisher's website (GeneralBooksClub.com). You can also preview excerpts of the book there. Purchasers are also entitled to a free trial membership in the General Books Club where they can select from more than a million books without charge. Original Published by: Princeton, N.J. : Princeton University Press in 1908 in 53 pages; Subjects: Hungary; History / Europe / Eastern; History / Europe / Austria ... Read more

Customer Reviews (2)

FIAT PAPER MONEY. Ralph T Foster.
In these current times (2010) when currency wars are looming, this book can act as a convincer to protect yourself. Curreny collapse has happened many times in the past and this book rams this home. It provides a mass of historical evidence which is most interesting and not readily available elsewhere.
I dabble in the stock market and this book provides another arrow in my quiver of knowledge to help foresee what is coming.
Fully recommended.
John Allen. Australia

history repeats itself
But people do not remember. Most of us grew up believing that paper money is the modern way of doing things, and specie is for barbarians. Well, read this book, and see if you still think that.

The author is a coin dealer, so the book is also interested in the more numismatic aspects (aesthetic aspects of the banknotes, printing methodology, etc -- apparently B. Franklin invented the first precursor of the hologram in the current dollar bill, who knew?)

The book is clearly produced at Kinko's, but that shouldn't be held against the author -- apparently he has had difficulty finding publishing interest in the US (although he tells me the book is very popular in Europe). ... Read more

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Customer Reviews (1)

When historyfruitfully enlightens the current debate
Very recommendable either for a Ph.D. student interested in the history of emerging markets crisis or the scholar aiming to tell her students how modern theory and empirical tests are applicable to some stories like the Argentine one.

Not only is this book a magnific contribution to understand the monetary and banking history of Argentina, but also a contribution that informs present-day debates in macroeconomics (e.g. the choice of optimal exchange rate regime, various generations of financial and currency crisis, bank runs). The authors make a significant effort to formalise major stylised facts across different crisis episodes, through the lens of modern monetary and banking theory. Moreover, they offer a fresh look at issues concerning crisis management and resolution and policy evaluation in the "first" era of economic globalisation (1880-1914) as well as during the interwar period all the way down to the 1930's depression.
Modern tools help test the hypothesis laid out generally at the beginning of the theoretical framework introduced in each chapter. Ranging from accounting exercises (fiscal solvency, banking balance sheets, as a few examples)to cutting-edge time series econometric modelling, the evidence found by the authours sheds light on crucial empirical issues. Some examples may illustrate this point:
a) The Purchasing Power Parity assumption (PPP, in a single equation cointegrating framework);
b) Money supply and demand, and exchange rate determinants in 1884-1913;
c) The Internal-External Convertibility dynamics (phase diagram, Vector Error Correction Model estimation)

Finally, the lessons drawn by Della Paolera and Taylor are, in my view, very telling to the way Argentina got into the path to the collapse of the currency board 1991-2001. ... Read more

Product Description
What can one discover through the study of medieval Islamic coins? It appears that the regular gold dinars and silver dirhams issued by the Ikhshidid rulers of Egypt and Palestine (935–69) followed a series of understood but unwritten rules. As the first part of this book reveals, these norms involved whose names could appear on the regular currency, where the names could be placed (based upon a strict hierarchical order), and even which parts of a Muslim name could be included. The founder of the dynasty, Muhammad ibn Tughj, could use the honorific al-Ikhshid; his eldest son and successor could use his patronym Abu al-Qasim; his brother, the third ruler, could use only his name Ali; and the eunuch Kafur, effective ruler of Egypt for over twenty years, could never inscribe his name on the regular coinage. At the same time, each one of these rulers was named in the Friday sermon and most had their patronym inscribed on textiles. Presentation coins, the equivalent of modern commemorative pieces, could break all these rules, and a wide variety of titles appeared, as well as a series of coins with human representation. The second half of the book is a catalogue of over 1,200 specimens, enabling curators, collectors, and dealers to identify coins in their own collections and their relative rarity. Throughout the book numismatic pieces are illustrated, along with commentary on their inscriptions, layout, and metallic content. ... Read more

Product Description
Throughout history, money has developed along with society. During ancient times currency took many forms, including such varied items as beaver skins and sea salt blocks. As societies made technological and artistic advancements, their monetary systems and currencies advanced as well. Today, coins and currency are an important part of the historical and archaeological record, providing information regarding the culture, religion, interests, and major leaders of societies throughout the world. This reference work offers numerous entries of historical commentary on the role of coins and currency in human events, politics, and the arts. Not only does this sourcebook cover the evolution and circulation of money throughout history, it also includes biographical information on the designers of coins and the creators of various monetary systems. A timeline of important events in the history of money is included, along with a glossary and bibliography. Photographs of coins and bills enhance the text, providing an up-close look at many beautiful artifacts. ... Read more

Product Description
This is an OCR edition without illustrations or index. It may have numerous typos or missing text. However, purchasers can download a free scanned copy of the original rare book from GeneralBooksClub.com. You can also preview excerpts from the book there. Purchasers are also entitled to a free trial membership in the General Books Club where they can select from more than a million books without charge. Volume: 1; Original Published by: Mackay in 1905 in 348 pages; Subjects: Seals (Numismatics); Antiques ... Read more

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Customer Reviews (10)

Great book for the state coin collector
I bought this book as a gift for a friend who has about 5 sets of the state coins.He was delighted with it and has since told us how much he has learned from it, and how it has added to his interest in the coins.Each chapter gives information on the reason why the particular items were chosen for the coin by state.Based on his reaction to this gift, I would highly recommend it.

State Quarters Book
My Husband has been collecting the quarters for the 50 States and Territories; this book gives valuable and interesting information about each State.

Great little read for collector or novice
The other reviews have covered all of the important facts. Jim Noles book is a great little read! At 3-5 pages per quarter it provides an insight into the design & approval process, discusses some of the alternatives that were rejected and occasionally dives into a little history and politics. In all a wonderful set of vignettes that covers one of the most successful coin programs ever!

Required reading for school kids
This was a fantastic book that should be required reading for all students. It gave a quick, 5 page, history of the quarter, that most people would never have known. I am giving this to all my grandkids for Christmas. The research the author did was incredible.

A Pocketful of History
This is an interesting and informative book for anyone who is collecting the State quarters.It is light and well-written, providing history and anecdotes on each of the states and explains how the various designs were chosen.I have put it with my collection of state quarters and will give it to my grandson when the collection is complete - later this year. ... Read more

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Product Description
This scarce antiquarian book is a selection from Kessinger Publishing's Legacy Reprint Series. Due to its age, it may contain imperfections such as marks, notations, marginalia and flawed pages. Because we believe this work is culturally important, we have made it available as part of our commitment to protecting, preserving, and promoting the world's literature. Kessinger Publishing is the place to find hundreds of thousands of rare and hard-to-find books with something of interest for everyone! ... Read more

Product Description
Originally published in 1896.This volume from the Cornell University Library's print collections was scanned on an APT BookScan and converted to JPG 2000 format by Kirtas Technologies.All titles scanned cover to cover and pages may include marks notations and other marginalia present in the original volume. ... Read more

Product Description
This scarce antiquarian book is a selection from Kessinger Publishing's Legacy Reprint Series. Due to its age, it may contain imperfections such as marks, notations, marginalia and flawed pages. Because we believe this work is culturally important, we have made it available as part of our commitment to protecting, preserving, and promoting the world's literature. Kessinger Publishing is the place to find hundreds of thousands of rare and hard-to-find books with something of interest for everyone! ... Read more

Product Description
Originally published in 1903.This volume from the Cornell University Library's print collections was scanned on an APT BookScan and converted to JPG 2000 format by Kirtas Technologies.All titles scanned cover to cover and pages may include marks notations and other marginalia present in the original volume. ... Read more

Product Description
This scarce antiquarian book is included in our special Legacy Reprint Series. In the interest of creating a more extensive selection of rare historical book reprints, we have chosen to reproduce this title even though it may possibly have occasional imperfections such as missing and blurred pages, missing text, poor pictures, markings, dark backgrounds and other reproduction issues beyond our control. Because this work is culturally important, we have made it available as a part of our commitment to protecting, preserving and promoting the world's literature. ... Read more

Customer Reviews (2)

A nice book to have
I think it is a nice book to have because it give you good pospective of those important coins that made history. It has great
photos and discriptions for each coin and give you the appropriate value of the coin at the end of the book. It comes in hard-cover and I recommend it to anyone who is interested in ancient coins.

DON'T WASTE YOUR MONEY: BUY KRAUSE GUIDE INSTEAD
Why waste your money on this book, it's not worth it, instead invest in a better coin guidebook like KRAUSE's Standard Catalog of World Coins. Good luck.
... Read more

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Product Description
This is an EXACT reproduction of a book published before 1923. This IS NOT an OCR'd book with strange characters, introduced typographical errors, and jumbled words.This book may have occasional imperfections such as missing or blurred pages, poor pictures, errant marks, etc. that were either part of the original artifact, or were introduced by the scanning process. We believe this work is culturally important, and despite the imperfections, have elected to bring it back into print as part of our continuing commitment to the preservation of printed works worldwide. We appreciate your understanding of the imperfections in the preservation process, and hope you enjoy this valuable book. ... Read more

Product Description
This is an EXACT reproduction of a book published before 1923. This IS NOT an OCR'd book with strange characters, introduced typographical errors, and jumbled words.This book may have occasional imperfections such as missing or blurred pages, poor pictures, errant marks, etc. that were either part of the original artifact, or were introduced by the scanning process. We believe this work is culturally important, and despite the imperfections, have elected to bring it back into print as part of our continuing commitment to the preservation of printed works worldwide. We appreciate your understanding of the imperfections in the preservation process, and hope you enjoy this valuable book. ... Read more